At a glance, a maximum of +3 health regeneration doesn't sound like a lot, but consider that it affects all allies within range. That includes non-party-members such as allied NPCs (Master Togo, Mhenlo, etc.), minions, animal companions, and in case of two-party-cooperative-missions, members of the other party.
At 12 restoration magic, Recuperation causes +3 health regen for 39 seconds, which is a maximum of 234 points of healing per affected ally. With few allies, it is on par with some Monk healing spells if calculating healing per energy spent. This makes Recuperation an effective way of healing, especially for missions like Vizunah Square, Gyala Hatchery, or The Eternal Grove.